South Surrey/White Rock Market Update - August 2024

Posted on Aug 14, 2024



 

Average Sale Price: $2,105,258 | +2.9%


Sales:

  • July Sales: 49 (similar to last July, but down 44% since May)
  • Percentage of Homes Sold in July: 6%
  • Distribution: 65% of sold homes were under $2M, 35% were above $2M
 

Market Conditions:

  • Active Listings: 576 (up 32.1%)
  • Inventory Levels: Reached a 4-year high since September 2020
 

Market Analysis

The South Surrey/White Rock real estate market is currently a buyer's market. Sluggish seasonally adjusted sales and the continued rise in inventory levels are shifting the market dynamics in favour of buyers. Despite a marginal increase in the average sale price, the rising number of homes on the market indicates that prices may still be too high.Buyers now have more time to view properties before making an offer. The market is still active, and well-priced properties are selling quickly, offering hope to buyers that they can find their dream home despite the market slowdown. 

Economic Factors

Despite the Bank of Canada's back-to-back policy rate cuts, first-time homebuyers are still facing challenging conditions due to high interest rates, the mortgage stress test, and the need for substantial down payments. 

Historical Context:

  • March 2020: The Bank of Canada lowered its policy rate to 0.25%
  • March 2022: Policy rate began to rise, reaching 5.00% with ten increases
  • Since June: Two rate cuts, with predictions for further decreases
  • 2024 Forecast: Experts believe rates will close out the year at 4.00%
 

Market Outlook

The worst may be behind us. Consumer confidence is beginning to grow, leading to more showings and offers. Although some deals have fallen apart, the overall energy is positive, creating a sense of encouragement and motivation for potential sellers. We expect a robust fall market.Predicting the perfect moment to buy or sell a home is challenging due to various unpredictable factors. If you sell high, you'll likely buy high; if you sell low, you'll likely buy low. Instead of focusing on timing the market, consider your circumstances and long-term goals. Working with an experienced real estate professional can help you make informed decisions. If you're thinking of selling, now could be a reasonable time. Your decision is important to me, and I would love to help you achieve your dreams. Contact me to help you achieve your real estate goals and dreams.
Share